While we are well aware of the decay-ridden denigration of VXX (the VIX ETF), today's plunge (on heavy volume) nears a new record low for the NYFed's best friend. With 51.695 million shares short (and just 60.5 million shares outstanding) according to Bloomberg data, one can only imagine what happens if we get a true 'event' that is allowed to happen.

VXX nears record lows... 18.50 vs 18.45 lows on May 22nd

As VIX futures push back towards the most short in 2 years...

And actual short spec contracts (at over 201,000) are close to record highs.

Charts: Bloomberg